Mediaset has decided to try the Dutch route again: on 23 June it will be decided to move the registered office to Amsterdam. Facts, numbers and comments

Mediaset runs to Piazza Affari, earning (at 12.27) 2.88% to 2.43 euros. The market seems to reward the willingness of the Biscione company to transfer its registered office to the Netherlands, starting a process that should not lead to clashes with Vivendi, who in recent years has slowed down the Pan-European Media for Europe project promoted by Fininvest, of which the transfer it was really a pivotal step.

MEDIASET MOVES REGISTERED OFFICE IN THE NETHERLANDS

The board of directors of Mediaset yesterday decided to try the Dutch route again, moving the registered office to Amsterdam.

At the meeting of 23 June, the company will propose that the Italian parent company Mediaset acquire "the legal form of a" naamloze vennootschap "governed by Dutch law".

TAX OFFICE IN ITALY

Mediaset will in any case maintain its effective and tax office in Italy and will continue to be listed on Piazza Affari. The transfer does not foresee, at least at the moment, the creation of a holding that can host the merger of Mediaset Italia and Mediaset Espana.

WHY MEDIASET DECIDES TO MOVE

But why is Mediaset moving? The company talks about a decision that should "facilitate a more realistic appreciation of the company", which would no longer be considered only a local broadcaster, contributing to a more favorable collection of "capital and financial resources necessary", and leading to "a legal system known and appreciated "for the" extensive protections to investors, guaranteeing a high degree of legal certainty and contractual / commercial relations and, consequently, of the feasibility of the internationalization project ".

Cementir-Caltagirone, FCA and Mediaset: because Holland is the bengodi of holding companies

TOWARDS A NEUTRAL PLATFORM FOR M&A

The step that Biscione is about to take aims to create a "neutral platform" in a market that is "more European than Italy", explained Marco Giordani, CFO of Mediaset. The goal is "to create a neutral entity that can be used as a vehicle to expand the perimeter of the group to other European countries and pursue opportunities for external growth".

MEDIASET-VIVENDI: PROOF OF COHABITATION

Those who do not agree with the move will be able to take advantage of the right of withdrawal, set at 2.181 euros per share. And this, writes Il Sole 24 Ore , will represent a "Mediaset-Vivendi coexistence test", given that the share in the hands of the French is 3.7 euros. The maximum cost for the withdrawal is set at 120 million.

MEDIASET RENUNCIATION OF INCREASED VOTING

In the meantime, to relax relations, Mediaset also says it is ready to renounce the increased vote, which was introduced two years ago precisely with the aim of curbing Vivendi's advance and securing Fininvest's position.

On this the extraordinary assembly will be able to express itself before the transfer of the registered office, on May 27th.

THE WAR WITH VIVENDI

And on relations with Vivendi , adds Il Sole 24 Ore , in recent days "the Civil Court of Milan accepted the requests of Simon Fiduciaria, establishing the retrospective non-application of the rule (Article 43 paragraph 11 of the Tusmar) at the basis of the freezing by Vivendi, in Simon, of 19.19% of its shares in Mediaset and which Cologno, supported by some legal rulings, also considered as a basis for keeping Simon out of his meetings ”. And in one of these assemblies the majority vote was decided.

THE RENEWAL OF THE BOARD

Meanwhile, Mediaset is also heating up the engines for the appointment of the new Board of Directors. Although this is unofficial, Vivendi, a shareholder of almost 30%, is expected to present a list.

THE ACCOUNTS OF MEDIASET

Mediaset, in 2020, recorded net revenues of € 2,636.8 million, a decrease compared to the € 2,925.7 million of 2019. The trend "takes into account the new perimeter of the core business defined in 2019", a company note reads . Revenues in Italy also fell, to 1,800.5 million euros, compared to 1,982.1 million euros the previous year. In Spain, revenues amounted to 836.6 million euros compared to 946.2 million in 2019.

A negative sign also for the net result of the group, at 139.3 million euros compared to 190.3 million euros in the previous year. For the Italian market, the net result was 39.2 million euros compared to 76.3 million euros in 2019, while in Spain it dropped to 178.7 million euros, compared to 211.7 million euros for 'last year.

Ebit is positive for 269.7 million euros, compared to 354.6 million in 2019.

MEDIASET LEADER ON THE COMMERCIAL MARKET

Mediaset, explains the company note, is "leader on the commercial target with 36.0% share in prime time and 34.6% in 24 hours". In particular, Canale 5, in 2020, is the most viewed Italian channel in the commercial target both in prime time (16.7%) and in the 24 hours (15.8%).

Cementir-Caltagirone, FCA and Mediaset: because Holland is the bengodi of holding companies

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This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/primo-piano/perche-mediaset-si-spostera-in-olanda/ on Tue, 27 Apr 2021 13:26:32 +0000.